Do I Need a Pour Over Will?
Schedule an appointment with The Taormina Firm to learn more about how a Trust with a Pour Over Will could help protect you and your family.
If you create a Revocable Living Trust, you will need a Pour Over Will to help capture any property not titled in the Trust.
When you establish a Revocable Living Trust, or any type of Trust for that matter, you should also have a Last Will and Testament. The main focus of this Will is a "Pour Over," which states that the Residuary Estate (any assets not covered or owned by the Trust) shall be poured into the Trust as if the Trust owned those assets in the first place.
Pour Over Wills protect any assets that were not otherwise titled in the name of your Trust. And while a Pour Over Will may not completely avoid Probate, it is a useful device for ensuring that any property that was not originally named in the Trust is subsequently re-titled in the Trust name.
The Pour Over Will also contains language incorporating the Trust into the Will. One advantage of this is that the terms of the Trust will still apply to the Residuary Estate subject to the Pour Over Will. Moreover, if your Revocable Living Trust contains a "No Contest Clause" (i.e. a provision that prevents your beneficiaries from challenging the Trust), then that No Contest Clause will also apply to the Will, meaning that two separate suits would have to be filed in court. This is an important safeguard against challenges to your estate.
For more information on Pour Over Wills, and how they are essential to your estate plan, please contact Vince Taormina, an estate planning attorney with The Taormina Firm.